Executive Briefings

Bloomberg, Others Form Group to Urge Companies to Reduce Carbon Emissions

By: Environmental Leader 10.04.2013

A study to calculate the economic risk US industries face from climate change is being funded by New York City mayor Michael Bloomberg, billionaire Tom Steyer and George W. Bush-era Treasury secretary Henry Paulson.

The three men will also co-chair the study, which will look at the price tag of increased storms, droughts, floods and extreme heat.

It's an attempt to persuade investors, policy makers and the public that the costs of curbing carbon emissions now are far less than the long-term costs of doing nothing to prevent climate change.

Steyer founded Farallon Capital Management, a San Francisco hedge-fund firm with about $20bn in assets. Robert Rubin, who served as Treasury secretary from 1995 to 1999, and former Secretary of State George Shultz will serve as study advisers.

The three men will also co-chair the study, which will look at the price tag of increased storms, droughts, floods and extreme heat.

It's an attempt to persuade investors, policy makers and the public that the costs of curbing carbon emissions now are far less than the long-term costs of doing nothing to prevent climate change.

Steyer founded Farallon Capital Management, a San Francisco hedge-fund firm with about $20bn in assets. Robert Rubin, who served as Treasury secretary from 1995 to 1999, and former Secretary of State George Shultz will serve as study advisers.